PitchBook-2025年二季度加密风险投资趋势（英）2025

EMERGING TECH RESEARCHCrypto VC TrendsVC activity across the crypto ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Crypto VC TrendsInstitutional Research GroupAnalysisBen Riccio Associate Research Analyst ben.riccio@pitchbook.comDataMatthew Nacionales Senior Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Jenna O’Malley, Drew Sanders, and Chloe LadwigPublished on August 19, 2025Crypto landscape 3Crypto VC ecosystem market map 4VC activity 5Crypto VC deal summary 22CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Crypto VC TrendsCrypto landscapeBlockchain networksInfrastructure & developer toolsAccessWeb3DeFiCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 Crypto VC TrendsCrypto VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 Crypto VC TrendsVC activityPublic crypto markets posted a strong Q2, with major cryptocurrencies achieving significant gains behind heightened institutional interest, the emergence of digital asset treasury companies, supportive US regulation, and overall positive macroeconomic signals. Despite this momentum in public markets, crypto VC investment notched one of its weakest quarters, with deal count dropping to 304, the lowest total since Q4 2020, and funding down 55% QoQ to $1.5 billion (excluding Binance’s $2 billion round last quarter). This downturn reflects growing investor selectivity, a trend seen across the venture ecosystem, as well as the ongoing normalization of the crypto landscape.While deal counts declined, deal sizes and valuations reached new highs. The median deal size rose to $4 million, up from $3.5 million in 2024, while the median pre-money valuation soared from $29.9 million in 2024 to $64.1 million. Pre-seed/seed and early-stage deals saw the largest valuation gains, with medians up 67% and 159%, respectively, showing that investors are willing to pay a premium for established teams and promising technologies.Despite diminished investment activity, the quarter brought several positive signals for the crypto VC ecosystem. Circle’s IPO provided much-needed liquidity and signaled a cautious reopening of the IPO window, which has been firmly shut for the past three years. Circle’s share price rose 168% on the first trading day, demonstrating strong investor appetite for stablecoin exposure and boosting valuations expectations for payments and infrastructure technologies. Additionally, with stablecoin circulation reaching all-time highs and an established US regulatory framework through the GENIUS Act, startups in the space are starting to see increased investor interest. For instance, Plasma, a layer 1 blockchain purpose-built for stablecoins, raised $50 million at a $500 million valuation through a public token sale that was oversubscribed by 7x, attracting more Source: PitchBook • Geography: Global • As of June 30, 2025Crypto VC deal activit